Gold trading strategy for today !

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The current XAUUSD chart shows gold holding its ground, demonstrating remarkable resilience at the critical support zone between $2,660 - $2,670. This area has consistently acted as a safety net for buyers, preventing any significant declines in recent sessions. The alignment of the 34-EMA (red) and 89-EMA (purple) just below the price further reinforces bullish sentiment, serving as a reliable indicator that the uptrend remains intact.

From a technical perspective, the price is approaching key resistance levels at $2,697 and $2,720, the latter carrying substantial psychological significance. A breakout above $2,697 could trigger a rally toward $2,720, while failure to clear this level might lead to a short-term pullback to retest the support zone. This would offer fresh buying opportunities before the next upward move. These scenarios are clearly depicted on the chart, with the blue arrow indicating continuation and the red arrow suggesting a minor retracement.

On the fundamental side, gold's performance is supported by a weaker U.S. dollar, driven by dovish signals from the Federal Reserve. Traders are eagerly awaiting upcoming U.S. data releases, including inflation and employment reports, which could significantly impact the dollar and, consequently, gold prices. Additionally, ongoing geopolitical uncertainties continue to enhance gold's appeal as a safe-haven asset, ensuring steady demand amid volatile market conditions.

In the short term, consolidation between $2,670 - $2,697 seems likely. However, a breakout above $2,720 could pave the way for further gains, targeting the $2,740 - $2,760 zone in the coming sessions. For now, all eyes are on the bulls to see if they can sustain this momentum and push gold beyond the current barriers.

As an analyst, I believe patience is key. Any retracement to the support zone could present opportunities to re-enter long positions, while a confirmed breakout above $2,720 may signal the start of a new bullish leg. Let’s keep monitoring price action for clearer signals.

What are your thoughts on these projections?
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ForexGoldHarmonic PatternsTechnical IndicatorsintradaytradelongsetupoptionsstrategiessignalsTechnical AnalysisTrend AnalysisXAUUSD

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